BUZZ-Primero Mining Corp: Shares slump as Q1 production drops

Mon Apr 18, 2016 1:34pm EDT
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** Canadian gold and silver miner's shares down 19.3 pct at C$2.13; U.S.-listed shares down 19 pct at $1.65

** Toronto-listed stock falls as much as 22.4 pct, biggest intraday percentage drop in more than 2 months

** Company produces 36,158 gold equivalent ounces in Q1, down 41 pct from year earlier, as implementation of new safety standards at San Dimas mine takes longer than expected

** Primero also cuts 2016 production forecast to 230,000-250,000 gold equivalent ounces from 260,000-280,000

** Mackie Research cuts PT to C$5.50 from C$6.00; median PT C$3.50

** Up to Friday's close, Toronto-listed stock had fallen 37 pct in past 12 months